Welcome to this month’s update on the San Francisco real estate market. In October, San Francisco’s median sold price for single-family homes was $1,900,000. Though up 16.9% from October 2020 this figure is short of the all-time high of $2,100,000 last summer.
As expected, the seasonal increase of new listings resulted in a jump in the number of homes sold. The 265 sold in October is 7.7% short of October 2020. However, this decline is not proportional to the reduced number of new listings. At 174, new listings were down a whopping 43.7% year-over-year. As a result of the strong sales, inventory has decreased to a 1-month supply.
While we maintain that $/sq ft can be a misleading figure for comparison purposes, its popularity continues to grow in this data-driven market. At $1,154, the median sold price per square foot is like September’s and up 14.3% year-over-year.
In the condo/loft/TIC market, the median sales price was $1,285,000, a 10.2% increase year-over-year. Median sales prices have been bouncing around in the low to mid $1.2’s this year, and October is a bit of a high-water mark. The strong condo/loft/TIC sales of 293 units were 13.6% compared to last October. As with SFH, the number of new condo/loft/TIC listings was down 39% to 249. As a result, condo/loft/TIC inventory is at a low of 2.2 months.
Scroll down for the figures and charts. For more information on how this pertains to you and your next move, contact the Brown Real Estate Group today! Contact us